Washington state to delay assessing long-term care premiums

Washington state to delay assessing long-term care premiums
Gov. Jay Inslee says legislators need time to refine the program, the Washington Cares Fund.
DEC 17, 2021

Washington State Gov. Jay Inslee and the state’s legislative leaders have agreed to delay assessing premiums for the state’s long-term care fund until legislators can make refinements to the Long-Term Services and Supports Act, which created the fund in 2019.

Premium assessments for the Washington Cares Fund were supposed to begin in January.

“I am taking measures within my authority and ordering the state Employment Security Department not to collect the premiums from this program from employers before they come due in April," Inslee said in a statement. "While legislation is under consideration to pause the withholding of LTC fees, employers will not be subject to penalties and interest for not withholding fees from employees' wages during this transition."

In response to the glaring need for long-term care and many people's inability to pay for that care, Washington Cares was to collect a premium of 53 cents on every $100 earned by most workers, with the tax proceeds going to set up a fund that would start making payments in 2025. The Washington Cares fund would be available only to those who have contributed.

Latest News

Florida non-compete bill backed by Citadel bodes ill for advisor mobility
Florida non-compete bill backed by Citadel bodes ill for advisor mobility

As other states curb non-competes, the East Coast growth hub could soon become the most employer-friendly jurisdiction in the US.

Private placement executives from GPB Capital, guilty of fraud, get seven and six years in prison
Private placement executives from GPB Capital, guilty of fraud, get seven and six years in prison

Last summer, the two, David Gentile and Jeff Schneider, were found guilty of fraud in federal court in Brooklyn and received their sentencing today.

Advisory firm moms share high satisfaction but report early parenthood hurdles
Advisory firm moms share high satisfaction but report early parenthood hurdles

Early parenthood linked to lower fulfillment and fewer leadership roles, despite otherwise strong industry-wide support.

Creative Planning CIO warns of short-term private equity flips
Creative Planning CIO warns of short-term private equity flips

“It's the Golden Age, we're all blessed that this is where we are, what we do for a living, and that the sun is shining on the transition towards the RIA space," Creative Planning CIO Jamie Battmer said at a forum hosted by Goldman Sachs.

Munis poised to outshine fixed income in coming summer redemption season
Munis poised to outshine fixed income in coming summer redemption season

Strategists expect municipal bonds to best Treasuries during the four-month window from May until August, following a historical trend.

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.